我国企业高管股权激励与研发投资——基于内生性视角的研究

The Equity Incentive of Management and R＆D Investment：An Endogenous Perspective

本文以2002—2009年我国上市公司为研究对象,探讨了股权分置改革前后我国企业管理层股权激励对研发投资的影响,并在此基础上检验了管理层股权激励的内生性。研究发现,高管股权激励存在内生性,在控制了内生性之后,股改前股权激励与研发投资之间存在倒U形曲线关系;股改后股权激励对研发投资具有显著的正向影响。本文结果表明应该将研发投资作为股权激励方案的激励条件之一;此外,合理的安排股东与管理层之间的股权配置比例是保证企业有效进行研发投资、提升企业自主创新能力的必要手段。本文的结论深化了我们对股权激励内生性的理解,并为我国企业更好地实施管理层股权激励和企业自主创新战略提供了理论支持和实证证据。

Based on the investigation of listed company from 2002 to 2009,this paper approaches the equity incentive of management and its impact on RD investment,and examines the endogeneity of equity incentive of management during the reform of non-tradable shares.The study indicates endogeneity exists in equity incentive of management.The consideration of endogeneity arising in equity incentive of management can affect the research consequence.The study suggests that when we research similar question,a single estimated equation often can lead to error,therefore,controlling the endogenous question is required when addressing similar questions. After controlling endogeneity,inverted U-shape relationships occurs between the equity incentive of management and the RD investment before the reform of non-tradable shares. The combination of the research data before and after the reform of non-tradable shares,managerial ownership or management＇s equity incentive has significant effects on the company＇s RD investment.To the government supervising department or enterprise itself,seeking appropriate proportion of equity incentive is worth attempting. The study indicates implementing the equity incentive of management has positive influence on RD investment in the high technology listed company,but the similar evidence is not found in the non-high tech company.However the consequence does not mean the equity incentive of management is not feasible for the non-high tech company,and its effect is to be discovered. Based on the conclusion mentioned above,some proposals are raised for consideration. First,RD investment is considered as one of conditions of the equity incentive.As Lv （2009）put it that the design of equity incentive has both driving effect and welfare effect,we may improve the driving effect of equity incentive by adjusting the driving condition and the driving term.The research indicates that equity incentive and RD investment are closely related, but RD investment involves long period of time and its effects appear gradually. Therefore,taking RD investment as one of conditions of the equity incentive,the short-coming of the equity incentive can be avoided. Second,sensible arrangement of the stockholder＇s proportion of shareholder and the management,RD investment is one of the effective strategies to improve corporation＇s creating and innovating powers.The innovation is the core of national strategic development and the key to enhance the comprehensive power of the nation.But our country Enterprise＇s innovation behavior lacks the collective innovation power.This article studies indicates the equity incentive is the effective method driving the enterprise to enhance innovation power.To the RD investment,the equity incentive of management has both entrenchment effect and Alignment effect.The equity incentive＇s degree is not necessarily the higher the better,there-fore, to the government supervising department or enterprise itself,seeking appropriate proportion of equity incentive has significant practical value.